Intrinsic completes Sesame Financial Adviser School acquisition

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Old Mutual-owned network Intrinsic has completed a deal to buy Sesame’s Financial Adviser School for an undisclosed sum.

The Adviser School faced the threat of closure following its parent’s decision to cease operating as a network for investment advisers.

However, in October Intrinsic reached a provisional agreement to purchase the Adviser School.

Following completion of the deal today, Old Mutual Wealth chief distribution officer Richard Freeman says the Adviser School represents “a key component of our long-term commitment to face-to-face financial planning in the UK”.

Intrinsic chief executive Andy Thompson adds: “Recruiting high-quality advisers is an important part of growing a successful business and sponsoring a trainee through the Adviser School gives firms an opportunity to enhance their business, while contributing to the development of the next generation of financial advisers.”

The Financial Adviser School launched in 2011 to provide academic and soft skills training for those looking to become an adviser.

Intrinsic says students will be offered two study options, both of which lead to the completion of the Institute of Financial Services Level 4 Financial Planning diploma.

The first study option is designed for new trainees, while the second targets existing mortgage and protection advisers.

The Adviser School previously used Chartered Insurance Institute qualifications but this has been switched to the IFS as it wants to focus more on soft business skills, an Old Mutual spokesman says.